Asia Mostly Gains on U.S.-China Trade News

AdvertismentAsian shares mostly closed higher on Friday, shrugging off the soggy close seen on Wall Street as investors digested the latest over U.S.-China trade developments.

In Japan, the Nikkei 225 gained 91.99 points, or 0.4%, to 22,930.36, after the release of core consumer price index data, which slightly missed expectations. The gains came as the yen extended losses against the U.S. dollar, trading at 110.85 to the greenback.

Korean markets gained ground as Samsung Electronics clung to gains of 0.2% Shipbuilders and steelmakers were also higher.

In individual movers, Samsung Biologics rose 2.64% after the South Korean company said Biogen, a U.S. biotechnology firm, would exercise its call option to increase its stake in Samsung Bioepis. Biogen will exercise the option by June 29.

Australian markets faded slightly, as gains in the health care and energy sub-indexes were offset by declines in the materials and financials sectors.

CHINA

In Shanghai, the CSI 300 recovered 39.01 points, or 1%, to 3,903.06

Developments in the second round of U.S.-China trade talks in Washington were in focus following news that China had announced it was rolling back an anti-dumping probe into U.S. sorghum imports. Earlier, Beijing had offered a proposal to reduce its trade deficit with the U.S. by $200 billion, Reuters reported, but China's foreign ministry later said that was not true.

President Donald Trump had said on Thursday that he doubted the high-level bilateral trade negotiations would be successful.

In other markets

In Korea, the Kospi index regrouped 12.2 points, or 0.5%, to 2,460.65

In Singapore, the Straits Times Index dropped 7.49 points, or 0.2%, to 3,529.27